29
Jan

Many entrepreneurs ask this question when starting a new business.

You are not required to register for GST/HST until your annual revenues exceed $30,000. However, it is generally recommended to register as soon as possible for the following reasons:
• Without registration you cannot claim GST/HST input tax credits (GST/HST paid on business expenses).

If your GST/HST taxable expenses are higher than your GST/HST taxable sales you can claim a refund of the excess from Canada Revenue Agency.
• If you are not registered for GST/HST, you are broadcasting to everyone that you have a truly small business that generates less than $30,000 per year in sales. Do you really want everyone to know that?

Keep in mind that if your customers are other businesses, then the GST/HST that you charge on sales does not represent a direct cost for them. Most businesses expect to pay GST/HST and would be surprised if you do not charge it.
• Businesses that are required to register for GST/HST must remit it to Canada Revenue Agency – even if it has not been collected from the customer.

If you forget to register for GST/HST and your sales surpass the $30,000 level, you will find yourself being registered retroactively and having to pay GST/HST out of your own pocket.
Read more details about GST/HST here and plan to register as soon as you can.

http://www.gst-tax.com/GST/Do_I_need_to_Register_for_GST.htm

Category : Uncategorized | Blog
24
Jan

Life events: What you need to know when your marital status changes
Did you know?

If your marital status changes, it’s important to let the Canada Revenue Agency (CRA) know as soon as possible.
Important facts
Getting married

Change your marital status – You can change your marital status online by using the Change my marital status service through My Account, or by calling 1-800-387-1193, or send us a completed Form RC65, Marital Status Change.
Change of name – If you changed your name, let us know as soon as possible. Call us at 1-800-959-8281 so we can update our records. We do not accept changes of name by email or over the Internet.
Spouse or common-law partner amount – Did you make the majority of the household income this year? If at any time in the year you supported your spouse or common-law partner and his or her net income was less than $11,038, you can claim this amount! If you also claimed the family caregiver amount, your spouse or common-law partner’s net income must be less than $13,078 to be eligible.
Contributing to your spouse’s or common-law partner’s RRSP – Contributions you make to a spousal or common-law partner RRSP reduce your RRSP deduction limit. Find out how much you can contribute and deduct!
Authorize a representative – Is your spouse or common-law partner a tax whiz? You can authorize your spouse or common-law partner online, using My Account, as your representative for income tax matters.

Getting divorced…for more info go to..

http://www.cra-arc.gc.ca/nwsrm/txtps/2014/tfsk01-eng.html?utm_source=mediaroom&utm_medium=eml

Category : Uncategorized | Blog
19
Jan

Approximately seventy percent of individuals and small businesses use tax preparers to file their taxes. Do you? Shoebox Tax Prep & Accounting Services will make sure you get all the benefits and deductions available to you.

Category : Uncategorized | Blog